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1、1The information herein is provided for educational and discussion purposes only and should not be construed as financial or investment advice,nor should any information in this document be relied on when making an investment decision.Opinions and views expressed reflect the current opinions and vie

2、ws of the authors and Apollo Analysts as of the date hereof and are subject to change.Please see the end of this document for important disclosure information.December 2024 John Cortese,Partner,Global Head of TradingAkila Grewal,Partner,Global Head of Credit ProductShobhit Gupta,Managing Director,Co

3、rporate CreditTal Barak Harif,Principal,Head Credit WriterDemystifying the Opportunity in Investment Grade Private CreditKEY TAKEAWAYS Investment Grade Private Credit(Private IG)is a growing part of the credit market that has evolved over the past 15 years from predominantly corporate private placem

4、ents to a much broader investable universe that spans both asset-backed finance(ABF)and bespoke corporate financing solutions,with an estimated addressable market of$40 trillion.1 We believe Private IG offers attractive risk-adjusted returns but has been overlooked because it doesnt fit neatly into

5、the current asset allocation framework,which has not kept up with the pace of innovation in credit markets.The conventional assumption that private investments inherently carry more risk than public investmentsin terms of liquidity,transparency,regulation,and issuer qualityis growing increasingly ou

6、tmoded,in our view.The clearest rebuttal to this assertion is the decision by many of the largest issuers of public investment grade bonds to diversify their capital sources by tapping the private credit markets.We believe that the two markets are converging and increasingly carry similar risk profi